Business
Dubai’s RTA earns US$10.12m from auction of number plates
Dubai's Roads and Transport Authority (RTA) fetched $10.12 million from the auction of distinctive vehicle number plates at Grand Hyatt...
- The sale topper was Plate (AA 13), which was exchanged for $1.20 million, followed by Plate (U 70) which was sold for $816,882 Plate (Z 1000) brought back $601,769
- By offering distinctive licensing plates at open or online auctions, RTA seeks to provide a neutral and transparent platform that avails fair opportunities to all bidders
Economy
Metaverse helps UAE boost growth, productivity
Adoption of metaverse technologies is part of the UAE government's strategy to diversify its economy away from oil as the...
- Adoption of metaverse technologies is part of the UAE government's strategy to diversify its economy away from oil as the country focuses on innovation and talent development
- The Higher Committee for Future Technology and Digital Economy is set to make Dubai a leading hub for developing and using metaverse technologies worldwide
Business
Qatar’s United Development Company and CBQ sign home loan deal
Doha, Qatar - The United Development Company (UDC), a Qatari public shareholding company, signed a deal with The Commercial Bank...
- The UDC property buyers would be eligible to apply with Commercial Bank for a home loan worth 70% of the property value.
- The consumers are likely to be benefited from fast loan processing and flexible added-value options and payment plans.
Business
Muscat Stock Exchange trading value up 5.5 percent in a week
Muscat, Oman - The value of trading on the Muscat Stock Exchange increased last week to 9.6 million Omani riyals...
- The rise came at a time when investors tended to diversify their portfolios, taking advantage of the declines in stock prices.
- Trading data showed a decline in the prices of 40 securities last week, compared to 15 securities whose prices increased.
Business
ISO Annual Meeting 2022 to begin Monday in UAE, trade on agenda
The International Organization for Standardization (ISO) Annual Meeting 2022 starts Monday at the ADNOC Business Center in UAE's Abu Dhabi.
- Hosted by UAE Ministry of Industry and Advanced Technology (MoIAT), the ISO Annual Meeting 2022 runs from September 19 to 23.
- The event will witness the participation of over 2,000 delegates physically and virtually.
Business
UAE health ministry inks pact with Mediclinic Middle East
UAE Ministry of Health and Prevention (MoHAP) has signed a memorandum of cooperation (MoC) with Mediclinic Middle East to strengthen...
- UAE Ministry of Health and Mediclinic Middle East will cooperate in exchange of expertise and enhancing health research.
- Both entities will cooperate in organizing scientific conferences, training programs related to health research in the country.
Geostrategy
DEWA CEO briefs Utah House of Representatives delegation
MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer met a delegation from the Unified...
- Speaker of Utah House of Representatives Brad Wilson led the delegation to the UAE.
- The delegation want to learn about DEWA’s innovative development projects in the water, renewable and clean energy sectors.
Business
Egypt to raise Suez Canal transit fees by 15 percent next year
Cairo, Egypt-- Egypt plans to raise fees for ships passing through the Suez Canal by 15 percent in 2023, the...
- Canal Authority's Chairman Osama Rabie has said. transit fees for bulk and tourist ships will be raised by 10 percent from Jan 1, 2023
- The Canal’s revenue reached US$704 million in July after achieving its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tons.
Economy
Sharjah Chamber suggests measures for strengthening PPPs
The Sharjah Chamber of Commerce and Industry (SCCI) has recommended several measures to strengthen the emirate’s public-private partnerships (PPPs).
- The Cabinet to issue a federal law regulating partnerships between the federal authorities and the private sector in the UAE.
- In its meeting SCCI board of directors has ordered arrangements to be put in place to encourage public-private sector partnerships.
Business
Walaa to merge with SABB
The firm won the shareholders' approval for the merger.
- Walaa Insurance also received its shareholders’ approval to raise its share capital to $227 million, out of which 24 percent will go to SABB Takaful's shareholders
- The merger will be conducted through a share swap where Walaa will issue 0.6 shares against each share issued by SABB Takaful
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Latest News
AstraZeneca Q3 profit swells
The profits nearly doubled on solid demand for cancer treatments.
Business
Dubai sets 75% renewable goal by 2050
The emirate’s solar energy capacity has increased by over 100 times in the past decade, and the cost of solar...
Business
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Business
Emirates Group H1 net profit $2.7bn
The profit was 138% higher than the $1.2 billion in H1 2022.
- Group revenue was AED67.3 billion ($18.3 billion) for the first six months of 2023-24, up 20 percent from AED56.3 billion ($15.3 billion) last year.
- Overall profit for dnata is AED709 million ($193 million), compared to the same period last year's AED236 million ($64 million).
Economy
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
- The IPI measures the relative change and reflects the production quantities of materials and goods.
- Data issued by the General Authority for Statistics showed that Saudi IPI fell to 122.99 points in September.
Business
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.
- The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
- ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.